Terraport, a #decentralized financial initiative launched by TerraCVita, an independent #Terra Classic development team, has been hacked, depleting all of its liquidity.

Over $4 million in LUNC, USTC, and TERRA tokens were destroyed, as reported by Terra Finder figures. The attacker spent 9,148,426 TERRA and 15.1 billion #LUNC in the first transaction, and 576,736 TERRA and 5,487,381 USTC in the second.

The #Terraport smart contract now has 2.8 million LUNCs worth $362 in its control. As of press time, the TerraCVita and Terraport teams had issued no formal announcements, fueling speculation that this was a hack or an elaborate Rug Pull operation.

Terraport raised suspicions on April 8 when it revealed that it had burned around 100 million LUNC tokens without retaining transaction records. The community expressed its concerns, pleading for the transactions to be made public.

Classy Crypto, a TerraCVita core member, recognized the assault on Twitter but distanced himself from it, alleging that he received no tokens or compensation and that his loved ones lost thousands of dollars as a result of the crime.

He also removed his TerraCVita link from his Twitter profile and deleted any previous Terraport tweets.

As stated by ReXx, a popular Terra Classic forum member, a portion of the funds withdrawn to MEXC Global, totaling $124,000, were frozen by the exchange following an alert. He stated that he is working with other exchanges to put the remaining assets on hold.

Terraport is a platform powered by the Terra Classic #blockchain that includes a number of DeFi solutions, the most notable of which is the native DEX, which allows users to trade tokens fast and easily through a simple interface. It has been deliberately designed to make the best advantage of Terra Classic's Layer1 features, which are known to be faster and more scalable than alternatives.

Terraport is powered by the TERRA token, which serves as a utility asset, and a Decentralized Autonomous Organization (DAO) that allows its community to make decisions.

This news is republished from https://coinaquarium.io/